Shadow treasurer Jim Chalmers says the cost of the government’s stage three tax cuts has to be balanced against record levels of budget debt and deficit.
After the two largest deficits in history,Josh Frydenberg is forecasting another four record-breaking shortfalls and some economists fear the budget won’t recover from the pandemic spending splurge.
Workers will soon account for 52 cents of every dollar in tax raised by the federal government as the budget heavy lifting hits taxpayers.
Follow all the news and expert analysis as Treasurer Josh Frydenberg hands down the 2021 federal budget.
The budget will extend tax breaks aimed at bringing forward business investment such as spending on utes,tractors,and manufacturing equipment.
If the Treasurer wants to ditch politics,his budget could be the starting point for a life in daytime TV,giving away gifts to his viewers.
Australians will be offered “intensive support” to retrain for the economic recovery in a sweeping skills package that will tell young people to sign up for new skills.
Australians saved $130 billion through the pandemic. Josh Frydenberg is hoping they will spend that cash to offset a huge fall in COVID government support.
The stage 3 tax cuts were originally estimated to cost at least $19 billion a year. But they are getting cheaper.
When the pandemic hit,Australians were barred from leaving the country. With nowhere to go,would-be travellers have become pivotal to this year’s budget.
Governor Philip Lowe says the central bank now expects GDP to expand by 4.75 per cent this year,up from a forecast of 3.5 per cent in February.